03-12-1984 Council Packet - Laserfiche WebLink

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LABOR AND MATERIAL PAYMENT BOND KNOW ALL MEN BY 'THESE PRESENTS: that as Principal, (hereinafter called Contractor) and, As Surety (her-aiaafter call .! Su: 0 are held and firmly bound unto—_-, ___ .,s Obligee thereinafter called Obligee) for the use and benefit of claimants as hereinbelow defined, in the amount of Dollars ($ ), for the payment whereof Contractor and Surety bind them- selves, their heirs, executors, administrators, successors and assigns, joint- ly and severally, firmly by these presents. WHEREAS, Contractor has by written agreement dated , entered into a contract with Obligee for construction of fications prepared by in accordance with Drawings and Speci- which contract is by reference made a part hereof, and is hereinafter referred to as the Contract. NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Contrac- tor shall promptly make payment to all claimants as hereinafter defined, for all labor and material used or reasonably required for use in the performance of the Contract and shall keep the Project free and clear of all liens as pro- vided in the Contract, then this obligation shall be void; otherwise it shall remain in full force and effect, subject, however, to the following conditions: 1. Claimant is defined as one permitted by applicable law to file a Pub- lic Contractor's Bond claim for 1_1,or, material, or both, used or reasonably required for use in the performance of the Contract, labor and material being construed to include without limitation that part of water, gas, power, light, heat, oil, gasoline, telephone service, rental of equipment, insurance premi- ums, taxes, and any items for which a claim or lien may be filed against the Obligee under the applicable law. 2. The above named Contractor and Surety hereby jointly and severally agree with the Obligee that every claimant as herein defined, who has not been paid in full may sue on this bond for the use of such claimant, prosecute the suit to final judgment for such sums as may be justly due claimant, and have execution thereon. The Obligee shall not be liable for the payment of any costs or expenses of any such suit. - 50 - 3595a 4/81